Please describe your proposed solution.
Hi! I'm Denis, a lead developer of the Medusa Wallet.
While the Medusa 2.0 is almost done(some polishing before release is needed), I want to announce the next stage: the Medusa Social Hub.
Let's see the problem:
If you ever have to verify your wallet in some service or community, you know how inconvenient it is.
You have to publish your address, and then send some funds to yourself, and then somebody should check if it was done to verify that you are you. Or you have to buy some token and present the address with it to somebody with all other utxo on it. What if you don't want to share that data? What if you don't want to share your addresses at all?
Some services are relying on your stake key. What if you don't use it and rely on "enterprise" addresses?
Ok, you are verified. Then someone asks you to send some money to buy some token. How can you trust the other side? Are they "verified by default"? How can you be sure that it's not a hacker/imposter chatting with you right now?
It's still better than nothing but what if there will be something else?
Let's see the solution:
Medusa Social Hub - is a communication layer of the Medusa Wallet that allows you to use your wallet as a part of your account.
It will be possible to configure your own "showcase" of your assets and funds for everyone or only chosen contacts, chatting with other users through an end2end encrypted tunnel (even the server can't read your messages).
You don't have to publish all the details. For example, you can just mark your funds as "more than 1000" for other people who want to know if you have this money for a deal. And as a wallet, Medusa will approve it if you have enough money. Or you can publish some of your NFTs for everybody to find a buyer who will be able to find them with in-built search. You can even make your own "market" but still host your NFTs with your own wallet. And it still will be decentralized.
Or keep your account private, but share some data within a private conversation.
If you need to verificate that some person in 3rd party service/messenger is the owner of the wallet, you can use a fast and simple out-of-hub symmetrical-verification procedure. The important thing is that the other side will also verificate that you are you automatically.
It also can be used for automated verification by services and bots(discord, telegram, etc).
Other benefits:
- You can add other users to your contacts book;
- You can perform fast payments to your contacts;
- You can publish orders to direct swaps and Medusa will act as a garant;
- You still will be as private as you want - there won't be "@username" links or something like this, nobody can share your contact to others if you don't want to;
- You can even delete your account from other contact lists if you wish;
- Also you will be able to log in to a 3rd party services with your Medusa Account(if the service supports it);
Please describe how your proposed solution will address the Challenge that you have submitted it in.
What products or integrations already exist in the ecosystem? What are the core differences between the proposal being presented and those existing ones and why will that provide impact to the ecosystem?
There are only manual or half-manual checks of your transactions. And you have to expose your wallet to a 3rd party operator/bot/whatever. With no alternatives. With no way to check if the other side is not harmful. With no guarantees for privacy. We want to change it.
Does the Cardano ecosystem have the right tools, libraries and SDKs for the idea to be feasible?
Sure.
Why is this product or integration suitable for execution right now?
Because there are no alternatives to solve the described problem. But there is a high demand for it.
Are there enough pieces of infrastructure, applications or other integrations available that would be needed for this suggested proposal to have a strong chance of gaining adoption?
Yes. The biggest part of it - is the Medusa Wallet 2.0 platform which is almost done already. Some cosmetics, polishing and, probably, changings for the Vasil Hardfork are needed, but the system is alive and will be released soon. We already spent 2 years on it. Many thouthands of code lines are written. Many libraries are created. Some of them will be published as independent open-source solutions and can be used for projects not even affiliated with Cardano or crypto at all.
The server infrastructure is ready, cryptography things for end2end encryption are already written as a part of the Medusa Security Layer, an OTP-based accounting system was written even for Medusa 1.0 and works perfectly.
It would be extremely hard to build Medusa Social Hub from scratch, but we have the basement already. And Medusa Social Hub will be like an add-on on top of the Medusa Wallet 2.0.
For instance, if you were making a professional social network DApp, <u>do the right identity tools and wallets exist </u>to make a professional network feasible?
That is the thing we are going to do.
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
Force Majeure. Earthquake. Heart attack or something like this? Actually there are no big risks with this proposal. It should be a part of an already working platform.
Yes we can lose a codebase that we already have, but there are backups.